Green Composites Market: An Eco-friendly and Cost-effective Solution
- Green composites are made from biopolymers or renewable-resource-based polymers, which are reinforced with bio-fillers or natural fibers. Green composites are recyclable, renewable, and biodegradable. They essentially reduce the dependency on fossil fuel to a great extent when used in interior applications.
- Factors such as the evolution to a circular and low-carbon economy, strong policy support for the bio-economy from governments across the globe, and increasing consumer awareness about sustainable packaging are likely to drive the green composites market worldwide in the near future
- Of late, polypropylene composites reinforced with green or natural fibers have gained substantial popularity in the automotive sector. Reduced costs, distinct mechanical properties, lower density, and less energy consumption are advantages offered by natural fibers over manmade fibers.
- On account of their unique characteristics such as renewability, abundance, formability, cost-effectiveness and eco-friendly nature, green composites are anticipated to replace synthetic-fiber-based composites in several engineering applications during the forecast period
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Key Drivers of Global Green Composites Market
- Crude oil, a depleting natural resource, is a key component of synthetic composites. The increasing need for reducing the dependence on crude oil is expected to be drive the green composites market between 2019 and 2027.
- An increasing number of market participants have been substituting the fossil-based feedstock by bio-based materials in the recent years. Manufacturers are focused on incorporating biodegradable alternatives in their product lines in response to the risen consumer demand for sustainable products. This factor is likely to drive the consumption of green composites during the forecast period.
- Increasing consumption of green composites is estimated to maintain the CO2 balance in the earth’s ecosystem in the near future. Government regulations such as CAFE (Corporate Average Fuel Economy) are likely to provide significant potential for growth of the green composites market between 2019 and 2027.
Both Wood Fiber and Non-Wood Fiber Variants of Green Composites to Witness High Demand
- Social concerns, depleting carbon resources, and environment-related regulations have initiated search for new products and processes that are eco-friendly. Based on fiber type, the global green composites market can be divided into wood fibers and non-wood fibers.
- Wood fibers include hemp, jute, kenaf, flax, sisal, coir, and cotton. Hemp, flax, and kenaf wood fibers are expected to be lucrative variants of green composites during the forecast period.
- The global automotive industry aims to produce lightweight automotive parts with good mechanical properties in order to reduce CO2 emissions and enhance the fuel efficiency. Automakers are currently shifting toward green composites based on wood fibers such as hemp, which are not only cost-effective in terms of production, but also tougher than steel.
- Flax fibers are CO2-neutral, vibration damper, and renewable as compared to carbon fibers. Flax fibers have a few unique characteristics such as high tensile strength, vibration absorbency, property of blocking ultraviolet rays, and high water retention.
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Significant Growth Potential in Transportation and Healthcare Industries
- Based on end-use industry, the global green composites market can be divided into transportation, building & construction, consumer goods, energy, health care, and others (including textile and electrical & electronics)
- Green composites are likely to witness surge in the demand from sectors including transportation and healthcare during the forecast period
- The transportation sector is likely to prefer green composites, particularly for use in interiors and exteriors of automobiles. Green polyamides, such as polyamide-12, serve as lightweight materials for metal replacement in the transportation sector. This helps achieve reduction in the overall vehicular weight. For instance, Rilsan HT, a polyphthalamide (PPA) -based biopolymer by Arkema, is a notable high-temperature polyamide to replace metals in automotive tubing.
- Medical device designers have been shifting from metal toward plastic as their material of choice, particularly for use in 3D printing applications. The global health care industry is projected to witness significant demand for green composites in the near future.
North America to be a Key Market for Green Composites
- In terms of region, the global green composites market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is likely to be a key market for green composites during the forecast period. Increasing focus on reducing pollution and growing utilization of agricultural waste are expected to present lucrative opportunities to the global market for green composites in the near future.
Key Manufacturers Operating in Global Market
Several companies offering green composites are aggressively trying to expand their product portfolios to meet customer requirements and explore untapped markets. The global green composites market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- TECNARO GMBH
- MCG Biocomposites LLC
- GreenGran BN
- UPM Biocomposites
- Flex Form Technologies
- ALPAS Srl
- Procotex SA Corporation
- Bast Fibers, LLC
- Green Composites Pvt. Ltd.
Global Green Composites Market: Research Scope
Global Green Composites Market, by Fiber
- Wood Fibers
- Non-wood Fibers
Global Green Composites Market, by End-use Industry
- Building & Construction
- Health Care
- Consumer Goods
- Others (Including Textiles, Electrical & Electronics)
Global Green Composites Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.